Geely will buy stakes in Malaysia's Proton, UK automaker Lotus

DRB-HICOM Berhad (DRB-HICOM) has reached an agreement with China-based Zhejiang Geely Holding Group Co.,Ltd (GeelyHolding) for the Chinese car group to acquire 49.9% equity in PROTON Holdings Berhad. DRB-HICOM currently owns 100% of the manufacturer of the ﬁrst national car. The two parties signed the agreement in Putrajaya, witnessed by YB Datuk Seri Johari Abdul Ghani, the Minister of Finance II. The deal will enable PROTON to tap into Geely Holding's vast range of platforms and power trains, and will also enable PROTON to have access to existing markets of the Chinese carmaker, as well as right-hand drive markets in south-east Asia. DRB-HICOM Group Managing Director, Dato' Sri Syed Faisal Albar says the PROTON brand will remain present and will grow signiﬁcantly with the new foreign strategic partner on board. "Our intention was always to ensure the revitalization of th...